WASHINGTON (dpa-AFX) - StoneMor Partners L.P. (STON) reported that its third quarter net loss widened to $17.2 million from last year's $9.6 million hurt largely by the unfavorable comparisons and lower overall sales resulting from the impact of cost cutting and implementation of the general manager operating model. Overall expenses increased as a result of adoption of ASC 606, as well as higher corporate overhead related to professional fees associated with delayed SEC filings, work related to our planned conversion to a C-Corp, and legal costs.
Quarterly revenues were $73.2 million compared to $84.0 million in the prior year period. As previously reported, in 2017, revenues benefited from a large backlog of preneed cemetery merchandise that became available to be serviced. Third quarter revenues were also impacted by decreases of $4.7 million and $9.5 million, respectively, in investment and other income, primarily due to the adoption of ASC 606.
Copyright RTT News/dpa-AFX
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